US Rise of Industrialization Notes Quiz

What was the impact of industrialization on the standard of living for most Americans?

• It decreased the standard of living

• It had no effect on the standard of living

• It increased the standard of living

• It is impossible to determine

What is the concept of laissez-faire in relation to the economy?

• Government should heavily regulate the economy

• Government should have no involvement in the economy

• Government should only regulate certain industries

• Government should control all aspects of the economy

What is vertical integration?

• The merger of competing companies in an industry

• The effort of a firm to reduce costs by controlling all aspects of production in an industry

• The purchase of raw materials and transportation methods by a company

• The elimination of weaker competition through aggressive tactics

Who introduced vertical integration in the steel industry?

• Andrew Carnegie

• J.D. Rockefeller

• Herbert Spencer

• Standard Oil

What is horizontal integration?

• The merger of competing companies in an industry

• The effort of a firm to reduce costs by controlling all aspects of production in an industry

• The purchase of raw materials and transportation methods by a company

• The elimination of weaker competition through aggressive tactics

Who used horizontal integration to dominate the oil refining industry?

• Andrew Carnegie

• J.D. Rockefeller

• Herbert Spencer

What theory did Herbert Spencer propose?

• Social Darwinism

• Laissez-faire

• Vertical Integration

• Horizontal Integration

What did Andrew Carnegie purchase to control all aspects of the steel industry?

• Coal mines and iron ore deposits

• Competing companies in the steel industry

• Railroads and ships

• Oil refineries

Which company controlled about 90% of the nation's oil in the late 1800s?

• Standard Oil

• Carnegie Steel

• Spencer Industries

What did John D. Rockefeller purchase to control all aspects of the oil industry?

• Coal mines and iron ore deposits

• Competing companies in the oil industry

• Railroads and ships

• Oil refineries